Adani group has clear links to Howe, misled investors and Deloitte

The conglomerate maintains that the EPC contractor is not a related party, but there are multiple trails linking it with its promoters.

When Deloitte Haskins and Sells issued a qualified opinion as part of its audit of Adani Ports and Special Economic Zone’s results for the March quarter of fiscal 2022-23, it stated that it was unable to determine whether an engineering, procurement and construction, or EPC, contractor engaged by the company was a related party. It added that the question was prompted by allegations in the report of US-based short-seller Hindenburg Research, published on 24 January. 

From the audit report: 

The Company [APSEZ] has entered into Engineering, Procurement and Construction (EPC) purchase contracts substantially with a fellow subsidiary (“Contractor”) of a …


Paranjoy Guha Thakurta

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